Irish property company Iput has completed the acquisition of a prime office building in Dublin from Irish property firm Ballymore and Singapore-based Oxley for €115 mln in an off-market transaction.
The grade A scheme at 3 Dublin Landings on Dublin’s North Quays is expected to reach completion in the next few weeks. It will provide 11,150 m2 of space set over five storeys, lower ground floor and basement, including 33 car parking spaces and 154 bicycles spaces.
'In line with our ambition to own the best office buildings in Dublin, 3 Dublin Landings is an excellent addition to our estate and supports the ongoing modernisation of our extensive office portfolio,' said Niall Gaffney, Iput CEO.
'Occupier appetite, particularly for Grade A offices, remains buoyant in Dublin and we are confident that we will be able to leverage our tenant relationships to maximise its leasing potential, while also delivering enhanced returns for our shareholders,' Gaffney added.
The asset will be finished to Leed platinum standard and represents the last office building to be completed in the 92,900 m2 Dublin Landings scheme. The mixed-use scheme is anchored by the National Treasury Management Agency of Ireland (NTMA) and other government agencies, and comprises 70,000 m2 of office space, over 270 residential apartments, ancillary retail and leisure offerings and a boutique hotel.
In the wake of the transaction, Iput’s Dublin office portfolio will be 195,000 m2 with an additional 22,300 m2 currently under construction, including the Wilton Park and Tropical Fruit Warehouse city centre developments.
